Economic Ideas

Much more than money, economics is about tradeoffs. Thinking economically involves cost and benefit, marginal analysis and seeing that there is no free lunch. Econlife tries to convey these economic ideas, which serve as the foundation of economics and help people make decisions personally, professionally and as voters.

Please think GDP for a moment. Reported and revised during each quarter, GDP numbers create a reaction. If the growth rate is high, lawmakers assume their policies are working. When the numbers are lo…

In the high-occupancy toll lanes outside of Washington D.C., you could pay close to $4.00 a mile. Just for a 9-mile stretch along Interstate 66, the toll has totaled $40.00. Should economists applaud?…

We seem to be going nuts for cashews. You can see below that the U.S. and India are eating the most. We like our nuts as a snack, in protein bars and as cashew milk. In India, a growing middle class c…

Christmas tree prices are up this year and supply is tight. The most likely causes are the Great Recession and the weather. A third possibility, though, is a bit less evident. This is the story: The C…

Recorded music used to start with a label and an artist. The production process was expensive because of the skilled technicians and the sophisticated equipment. Add to that a music video, the physica…